GQG Partners LLC Buys Shares of 30,749 International Business Machines Corporation $IBM

Key Points

• GQG Partners initiated a position in IBM by purchasing 30,749 shares valued at approximately $8.65 million. Institutional investors collectively own 58.96% of IBM’s stock.
• IBM reported quarterly earnings of $2.93 per share, in line with estimates, while revenue rose 1.1% year over year to $17.16 billion but fell short of expectations.
• IBM declared a quarterly dividend of $1.69 per share, equivalent to an annualized $6.76 payout and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $265.90.

GQG Partners LLC purchased a new position in International Business Machines Corporation (NYSE:IBM - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 30,749 shares of the technology company's stock, valued at approximately $8,647,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Basepoint Wealth LLC purchased a new stake in shares of International Business Machines in the 4th quarter worth $25,000. Cornerstone Financial Management LLC purchased a new position in International Business Machines during the fourth quarter valued at $28,000. Harborfront Financial Group LLC purchased a new position in International Business Machines during the second quarter valued at $27,000. Hara Capital LLC bought a new stake in International Business Machines during the second quarter valued at about $28,000. Finally, SWAN Capital LLC purchased a new stake in International Business Machines in the third quarter worth about $28,000. Hedge funds and other institutional investors own 58.96% of the company's stock.

Insider Activity at International Business Machines

In other International Business Machines news, SVP Robert Thomas sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $230.32, for a total transaction of $5,758,000.00. Following the completion of the transaction, the senior vice president owned 47,800 shares in the company, valued at $11,009,296. This trade represents a 34.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.27% of the company's stock.

International Business Machines Stock Performance

IBM opened at $234.87 on Monday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.74 and a current ratio of 0.79. The stock has a market capitalization of $221.28 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 2.24 and a beta of 0.71. The company has a fifty day moving average of $241.67 and a 200 day moving average of $247.02. International Business Machines Corporation has a fifty-two week low of $199.19 and a fifty-two week high of $332.46.

International Business Machines (NYSE:IBM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The technology company reported $2.93 EPS for the quarter, hitting the consensus estimate of $2.93. International Business Machines had a net margin of 15.52% and a return on equity of 35.65%. The business had revenue of $17.16 billion for the quarter, compared to analysts' expectations of $17.46 billion. During the same quarter in the previous year, the company earned $2.80 EPS. The business's quarterly revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts forecast that International Business Machines Corporation will post 12.33 earnings per share for the current fiscal year.

International Business Machines Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be given a $1.69 dividend. This represents a $6.76 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, August 10th. International Business Machines's payout ratio is currently 59.98%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. KeyCorp cut International Business Machines to a "sector weight" rating in a research report on Tuesday, June 23rd. Barclays reduced their target price on shares of International Business Machines from $288.00 to $262.00 and set an "overweight" rating for the company in a report on Thursday, July 23rd. Needham & Company LLC started coverage on shares of International Business Machines in a research note on Wednesday, June 3rd. They set a "buy" rating on the stock. Piper Sandler raised shares of International Business Machines to an "overweight" rating in a report on Tuesday, June 23rd. Finally, Weiss Ratings cut shares of International Business Machines from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, June 24th. Sixteen research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $265.90.

International Business Machines Company Profile

International Business Machines Corporation (IBM) is a global technology and consulting company headquartered in Armonk, New York. Founded in 1911 as the Computing-Tabulating-Recording Company (CTR) and renamed IBM in 1924, the company has evolved from early electromechanical machines to a diversified technology provider serving enterprises and governments worldwide. IBM is publicly traded on the New York Stock Exchange under the ticker symbol IBM.

IBM's principal businesses encompass cloud computing and software, infrastructure and systems, consulting and technology services, and research and development.

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